VZ (VZN) H1 2026 earnings summary

Executive summary

• Revenues increased by 13.9% year-over-year to CHF 316.5 million in H1 2026, driven by strong financial markets, robust demand for consulting expertise, and onboarding over 5,100 new platform clients.

• Net profit rose 17.7% to CHF 131.9 million, with expenses growing at a slower pace than revenues and strong operational leverage.

• Assets under management surged 19.8% year-over-year to CHF 67.7 billion, supported by CHF 3.3 billion in net new money and positive market performance.

• Expanded consulting capacity by 8.5% to 281 FTEs, with further growth planned and ongoing expansion in Switzerland, Germany, and the UK.

• VZ Financial Portal maintained a top-three position in Swiss digitalization rankings.

Financial highlights

• Total revenues rose 13.9% year-on-year to CHF 316.5 million; net profit increased 17.7% to CHF 131.9 million, with a net profit margin of 41.7%.

• EBIT margin improved to 48.4%, with EBIT at CHF 153.2 million.

• Assets under management grew 19.8% to CHF 67.7 billion; net new money reached CHF 3.3 billion.

• Earnings per share: CHF 3.34 undiluted (up from CHF 2.83 in 1H 2025).

• Dividend payout for 2025 was CHF 2.95 per share, totaling CHF 116.2 million.

Outlook and guidance

• Management expects similar top-line and bottom-line growth rates in H2 2026 as in H1, assuming stable financial markets.

• Net interest margin anticipated to remain stable at 53 basis points in H2 2026, subject to SNB policy.

• Long-term annual growth target of around 10% per annum, with continued expansion in consulting capacity and digital offerings.

• Dividend expected to rise in line with profit growth, maintaining a 50% payout ratio.

• Plans for further acquisitions and digital innovation, including AI-based retirement consulting.